Golden Key Scandal

Introduction
The apparent conflicts between the legal and moral responsibility of the managers and their proclaim role as corporate stakeholders are prevalent in todays corporate world. The recent corporate break off of the Golden place Credit Company modified which was a subsidiary of the Ceylinco Consolidated, one of Sri Lankas oldest and largest business corporations emphasizes the importance of the victorious implementation of stakeholder management procedures. This report analyses the nature of corporate practices that facilitated the stakeholder misdirection at Golden Key Credit Company Limited with regard to the Clarksons principles of stakeholder management. It highlights the significance of the seventh principle of stakeholder management, as an effective guideline to address many of the issues arising from these conflicts.

Summary
Golden Key Credit Company Limited was a fully possess subsidiary of Ceylinco Consolidated, one of the largest business conglomerates in Sri Lanka. It was a monetary institution which pioneered the faith entry card industry in Sri Lanka in the early nineteen eighties and was responsible for setting-up the initial merchant network that has now expanded and is currently utilized by intimately all the creed card operators in Sri Lanka.



In addition to issuing a variety of domestic credit tease the company also issued Privilege/Discount cards for various clienteles (Golden Key Credit Card Company, (2002)).

The company issued credit cards in a distinct way than the naturalized credit card operators. According to the Golden Key scheme, which was a landmark system when it started, credit cards were provided on deposits and credit could be withdrawn based on the deposit. This approach was almost similar to the debit card practice followed by banks. what is more the company accepted public deposits offering higher by-line rates ranging from 24% to 28.5% per annum without being a licensed financial institution approved by the Central Bank of Sri...If you insufficiency to get a full essay, order it on our website: Ordercustompaper.com



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